Carnegie acted as exclusive financial adviser to Relesys A/S (DK) in the sale to Copilot Capital Ltd. (UK)

Copilot Capital Limited (“Copilot”) has entered into a binding transaction agreement relating to the acquisition of all outstanding shares in the publicly listed company Relesys A/S (“Relesys”) for DKK 6.60 per share, corresponding to an equity value of DKK 337 million. Relesys shareholders representing approximately 93.5% of the share capital have entered into binding agreements with Copilot to sell their shares. The transaction represents a premium of 37% to the share price the day before Relesys announced the initiation of a strategic review.

The transaction will enable Relesys to accelerate its growth trajectory towards becoming the global champion in next-generation technology for frontline workers through additional growth funding and Copilot’s strategic expertise. The two founders and the CTO have decided to reinvest a substantial part of their proceeds into the new structure. The offer has been unanimously recommended by the board of directors.

Following settlement of the trades relating to the Share Purchase Agreements, Copilot will hold more than 90% of the shares and voting rights in Relesys. Accordingly, Copilot and Relesys has agreed to request Nasdaq Copenhagen for removal from trading of the Relesys shares on Nasdaq First North Premier Growth Market following the settlement. Subject to approval from Nasdaq Copenhagen removal from trading is expected to take place within two to three weeks from this announcement.

About Relesys

Relesys is a Software-as-a-Service (SaaS) company founded with the purpose of creating a more engaged and united workforce. Relesys provides an all-in-one employee platform that helps bridge the gap between headquarters and non-desk workers. At the end of 2023, Relesys had 196 clients with more than 396,000 licenses in 97 countries, supporting 33 different languages. Customers include brands such as Salling Group, COOP, NorgesGruppen, Specsavers, Bauhaus, Matas, Telia, Carlsberg, Amcor, and Vestas, together with several other leading brands.

About Copilot

Copilot is a lower mid-market buyout fund dedicated to growing the next generation of European software and data champions. Copilot strategically partners with companies generating EUR 5-15 million in annual recurring revenue (ARR), guiding them on a path to EUR 50 million ARR and beyond.

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